ESMA Draft RTS on EMIR 3 Clearing Thresholds
Summary
The European Securities and Markets Authority (ESMA) has published draft Regulatory Technical Standards (RTS) detailing new clearing thresholds under EMIR 3. These proposals aim to manage systemic risk in OTC derivative markets while minimizing compliance burdens for market participants.
What changed
ESMA has published draft Regulatory Technical Standards (RTS) that set out new and revised clearing thresholds (CTs) under EMIR 3. The proposed thresholds aim to ensure continuity in the coverage of systemic risk in over-the-counter (OTC) derivative markets without adding unnecessary complexity or compliance burdens. Key changes include retaining five CT categories, clarifying the timing for position calculations, and enhancing the stability of the CT review mechanism. ESMA also suggests increasing thresholds for commodity, interest rate, and credit derivatives, reflecting market factors.
Entities active in OTC derivative markets that exceed one or more CTs are subject to additional requirements, notably the clearing obligation. These draft RTS have been submitted to the European Commission for endorsement and subsequent adoption. Market participants should review the proposed thresholds and consider their implications for their OTC derivative positions and clearing obligations.
Source document (simplified)
ESMA sets out clearing thresholds under EMIR 3
Post Trading 25/02/2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its draft Regulatory Technical Standards (RTS) setting out new and revised clearing thresholds (CTs) under EMIR 3. The proposed thresholds ensure continuity in the coverage of systemic risk in over‑the‑counter (OTC) derivative markets while avoiding unnecessary complexity and additional compliance burdens for market participants.
To reduce unnecessary complexity and burden, ESMA has:
- retained five CTs categories, avoiding additional categories or more granular thresholds;
- clarified the timing of calculation of positions, allowing counterparties to apply the new CTs during their usual assessment window or earlier, if they wish to benefit sooner from the new regime;
- enhanced stability and visibility in the mechanism triggering the review of the CT. Additionally, ESMA suggests increasing the thresholds in the commodity, interest rate and credit derivatives asset classes compared to what was proposed in the Consultation Paper published in April 2025. These adjustments reflect recent price developments, inflation and other relevant market factors while ensuring a proportionate coverage of the systemic risk.
Although respondents to the consultation requested broader recognition of structured hedging arrangements, including virtual power purchase agreement (VPPAs), ESMA confirms that any change to the hedging exemption would require amendments at Regulation level and therefore cannot be addressed in these RTS.
As a reminder, entities active in OTC derivative markets and exceeding one or more CTs are subject to additional requirements, notably the clearing obligation.
Next steps
ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu
Related Documents
Download All Files Download Selected Files
| Date | Reference | Title | Download | Select |
| --- | --- | --- | --- | --- |
| 25/02/2026 | ESMA74-1049116226-944 | Final Report on the draft technical standards amending Regulation (EU) 1492013 to further detail the new EMIR clearing thresholds regime | | |
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